Content about Economy of the United States

September 15, 2014

Neiman Marcus Group has signed an agreement to acquire the German luxury fashion e-commerce site Mytheresa.com and Theresa, its flagship Munich store from Christoph and Susanne Botschen and Acton Capital Partners.

Dallas -- Neiman Marcus Group has signed an agreement to acquire the German luxury fashion e-commerce site  Mytheresa.com and Theresa, its flagship Munich store from Christoph and Susanne Botschen and Acton Capital Partners. The transaction is expected to close later this year.

September 12, 2014

Wal-Mart Stores has no plans to join Apple’s newly-announced mobile payments system, Apple Pay, which is due to launch in October.

New York -- Wal-Mart Stores has no plans to join Apple’s newly-announced mobile payments system, Apple Pay, which is due to launch in October.

Wal-Mart is supporting a retailer-owned mobile technology group, the Merchant Customer Exchange, which is launching its own mobile wallet application. The application, called CurrentC, is now in pilot and is expected to be rolled out nationwide in 2015, according to The Washington Post.  Best Buy is also among the retailers supporting CurrentC.
   

September 11, 2014

Jeffrey R. Anderson Real Estate Inc. and Casto announced that increased leasing activity during the last six months brings the Rookwood shopping center to 99% occupancy with the addition of new Carhartt, J.Crew Factory and Rally House stores.

Cincinnati — Jeffrey R. Anderson Real Estate Inc. and Casto announced that increased leasing activity during the last six months brings the Rookwood shopping center to 99% occupancy with the addition of new Carhartt, J.Crew Factory and Rally House stores.

In addition, negotiations are underway to lease the only remaining 1,500-sq-ft. space at Rookwood, which will then achieve full occupancy.
 

September 10, 2014

Dollar General Corp. is upping the ante in its $9.1 billion bid to purchase Family Dollar Inc. by making a hostile takeover offer to Family Dollar stockholders of $80 per share.

Goodlettsville, Tenn. – Dollar General Corp. is upping the ante in its $9.1 billion bid to purchase Family Dollar Inc. by making a hostile takeover offer to Family Dollar stockholders of $80 per share. This offer beats the $74.50 per share, $8.5 billion offer Family Dollar has accepted from Dollar Tree Inc, and is a 32% premium over the closing price of $60.66 for Family Dollar stock on Sept. 9.
 

September 10, 2014

Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

New York -- Fitch Ratings downgraded the credit ratings of Sears Holding Corp. from “CCC” to “CC,” citing the “magnitude” of the retailer’s drop in profitability and lack of visibility to turn operations around as a significant concern.

Fitch also cited the company’s cash burn rate, calling it a “significant concern.”

September 10, 2014

For the month of August 2014, net sales at PriceSmart Inc. increased 7.3% to $206.7 million, from $192.6 million in August a year earlier.

San Diego – For the month of August 2014, net sales at PriceSmart Inc. increased 7.3% to $206.7 million, from $192.6 million in August a year earlier. Same-store sales for the month increased 2.3%.

PriceSmart also announced the planned opening dates for the three warehouse clubs currently under construction in Colombia. The Bogota warehouse club is planned to open on Oct. 29; the Pereira warehouse club is planned to open on Nov. 13; and the Medellin warehouse club is planned to open on Nov. 26.

September 10, 2014

A Home Depot customer has reportedly filed a lawsuit against The Home Depot Inc. alleging the retailer did not properly protect consumer data from the recent cyber attack that occurred.

Atlanta – A Home Depot customer has reportedly filed a lawsuit against The Home Depot Inc. alleging the retailer did not properly protect consumer data from the recent cyber attack that occurred. According to Reuters, Illinois resident Kelsey O’Brien filed the suit Sept. 9 in Chicago federal court.

September 10, 2014

Target Corp. is extending its mobile strategy with two new options.

New York -- Target Corp. is extending its mobile strategy with two new options. The retailer has adopted Like2Buy, a platform that enables the chain’s Instagram followers to easily buy products featured in photos from participating brands. Target also is integrating the software for Apple’s new mobile payments service, Apple Pay, into its mobile app.

September 10, 2014

With just 105 shopping days left until Christmas (as of Sept. 10), Toys “R” Us outlined its holiday strategy at a preview event in New York City.

New York -- With just 105 shopping days left until Christmas (as of Sept. 10), Toys “R” Us outlined its holiday strategy at a preview event in New York City. Among the highlights: free online layaway, enhanced loyalty program, improved online and in-store checkout, and two new in-store shops.  
    
“Our focus at Toys “R” Us for the 2014 holiday season is to make it easy for customers to shop with us, both in-store and online,” said Hank Mullany, president, Toys “R” Us, U.S.

September 9, 2014

Dollar Tree Inc. and Family Dollar Stores Inc. announced, as expected, they have received a second request for information from the U.S. Federal Trade Commission in connection with Dollar Tree's pending $8.5 billion deal to acquire Family Dollar.

Chesapeake, Va. -- Dollar Tree Inc. and Family Dollar Stores Inc. announced, as expected, they have received a second request for information from the U.S. Federal Trade Commission in connection with Dollar Tree's pending $8.5 billion deal to acquire Family Dollar.

September 9, 2014

Home Depot officially confirmed that in-store payment systems at its U.S. and Canadian stores had been hacked in a breach that potentially could be one of the biggest attacks yet.

New York -- Home Depot officially confirmed that in-store payment systems at its U.S. and Canadian stores had been hacked in a breach that potentially could be one of the biggest attacks yet. The chain said malware was used in the hack.  

September 9, 2014

The attorneys general of California, Connecticut and Illinois are reportedly leading a multi-state investigation into the recent data breach at The Home Depot Inc.

Atlanta – The attorneys general of California, Connecticut and Illinois are reportedly leading a multi-state investigation into the recent data breach at The Home Depot Inc. According to Reuters, the attorneys general of New York and Iowa will also take part in the effort.  

September 9, 2014

Wal-Mart Stores Inc. is reportedly planning to do away with its Wal-Mart Express banner.

Bentonville, Ark. – Wal-Mart Stores Inc. is reportedly planning to do away with its Wal-Mart Express banner. According to the Arkansas Democrat-Gazette, an internal corporate memo indicates that Wal-Mart will rebrand its 21 Express stores, which average about 12,000-sq.-ft., to its larger 45,000-sq.-ft. Neighborhood Market banner in the next few months.

September 8, 2014

CVS Health has completed the purchase of Miami-based Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S.

Woonsocket, R.I. - CVS Health has completed the purchase of Miami-based Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S. The acquisition includes Navarro's 33 retail drugstore locations and Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases.

The retail drugstores will retain the Navarro Discount Pharmacy name.

September 8, 2014

Publix was honored with three awards from the U.S. Environmental Protection Agency’s (EPA) GreenChill Partnership, including its Store Certification Excellence 2013-2014, and two Store Re-Certification Excellence Awards 2009-2014.

Lakeland, Fla. -- Publix on Monday was honored with three awards from the U.S. Environmental Protection Agency’s (EPA) GreenChill Partnership, including its Store Certification Excellence 2013-2014, and two Store Re-Certification Excellence Awards 2009-2014.

Publix earned the Store Certification Excellence award for achieving 26 GreenChill store certifications in the past year. Two Publix stores have achieved GreenChill Certification for five consecutive years and are being honored with the Store Re-Certification Excellence award.

September 8, 2014

Cricket Wireless and GameStop Corp. are launching a new strategic retail relationship that will offer Cricket Wireless' no-annual contract service in more than 2,800 GameStop U.S. store locations.

Las Vegas - Cricket Wireless and GameStop Corp. are launching a new strategic retail relationship that will offer Cricket Wireless' no-annual contract service in more than 2,800 GameStop U.S. store locations. Starting in October after a successful trial in select markets, GameStop will begin selling Cricket Wireless no-annual contract service and smartphone devices and accessories.  

September 5, 2014

Alco Stores on Friday said that its CEO of the past four years, Richard Wilson, has left the regional discounter by mutual agreement.

Coppell, Texas – Alco Stores on Friday said that its CEO of the past four years, Richard Wilson, has left the regional discounter by mutual agreement. Board director Stanley B. Latacha assumes the role of interim CEO, effective immediately. The changes were announced days after the discounter elected an entirely new slate of directors.

Latacha has more than 30 years of retail experience, including overseeing turnarounds at several chains, more recently Pamida.

September 5, 2014

Several Home Depot customers filed a class-action lawsuit on Thursday, Sept.4 in the U.S. District Court for the Northern District of Georgia, Atlanta Division.

Atlanta - Several Home Depot customers filed a class-action lawsuit on Thursday, Sept.4 in the U.S. District Court for the Northern District of Georgia, Atlanta Division. The suit alleges that Home Depot failed to meet its legal obligation to protect their credit card and personal information and failed to timely warn them that their information had been stolen or compromised.

September 5, 2014

Family Dollar Stores on Friday rejected the sweetened, $9.1 billion take-over bid made by Dollar General on Sept. 2, saying in a statement that its board voted unanimously to reject the revised offer "on the basis of antitrust regulatory considerations."

Matthews, N.C. — Family Dollar Stores on Friday rejected the sweetened, $9.1 billion take-over bid made by Dollar General on Sept.

September 5, 2014

Starbucks Coffee Company will launch two new store formats in fiscal 2015, include a smaller-format concept aimed at urban commuters and a more premium store concept — Starbucks Reserve Roastery and Tasting Room — dedicated to the chain’s highbrow Reserve brand of coffees.

Seattle - Starbucks Coffee Company will launch two new store formats in fiscal 2015, include a smaller-format concept aimed at urban commuters and a more premium store concept — Starbucks Reserve Roastery and Tasting Room — dedicated to the chain’s highbrow Reserve brand of coffees.

September 5, 2014

Target Corp. is expanding out of its Minneapolis home base with its new, small-format TargetExpress concept.

Minneapolis - Target Corp. is expanding out of its Minneapolis home base with its new, small-format TargetExpress concept. The retailer plans to open twoTargetExpress locations in Northern California, in San Francisco and Berkeley, in March 2015. A third San Francisco-area TargetExpress will also open in 2015, with a location to be announced in the coming months.

Target debuted its new Express format in July 2014, in downtown Minneapolis. It plans to open another location in the area, in the Highland Park area of St. Paul, in 2015.

September 5, 2014

Instagram has become a mainstream social media tool for retailers. However, while most retailers limit their Instagram usage to maintaining an official page or encouraging customers to post photos with Instagram hashtags as part of promotional campaigns, some retailers are more forward-thinking in their Instagram approach.

Instagram has become a mainstream social media tool for retailers. However, while most retailers limit their Instagram usage to maintaining an official page or encouraging customers to post photos with Instagram hashtags as part of promotional campaigns, some retailers are more forward-thinking in their Instagram approach.

Here are three retailers showing real insight in how they are leveraging Instagram to its fullest potential:

September 4, 2014

Trying to stay competitive with Amazon.com on price may not be the best path to success for department store and discount retailers.

Ottawa, Canada - Trying to stay competitive with Amazon.com on price may not be the best path to success for department store and discount retailers. According to pricing analysis of 1,000-plus household goods based on Amazon’s own assortment relative to Kohl’s, Walmart, Target and Macy’s conducted by 360pi and Retail Systems Research from March-June 2014, Kohl’s was consistently 30%-60% above Amazon’s pricing for this sample, but also reported the healthiest financials of the group.

September 4, 2014

Costco Wholesale Corp. and L Brands Inc. were among the retailers that posted stronger-than-expected sales in August, fueled in many cases by back-to-school promotions.

New York -- Costco Wholesale Corp. and L Brands Inc. were among the retailers that posted stronger-than-expected sales in August, fueled in many cases by back-to-school promotions.

Costco led the pack, reporting a 7% gain in August total same-store sales, ahead of views for a 4.9% gain. U.S. same-store sales, excluding the negative impacts from gasoline price deflation and foreign exchange, rose 7% as well. Top-performing categories at Costco included housewares, small appliances, apparel, fresh foods and food sundries.

September 4, 2014

Costco Wholesale Corp. on Thursday reported that its revenue for the fourth quarter climbed 9% to $34.8 billion.

Issaquah, Wash. – Costco Wholesale Corp. on Thursday reported that its revenue for the fourth-quarter climbed 9% to $34.8 billion. Total same-store sales, excluding negative impacts from gasoline price deflation and foreign exchange, increased 7%.

Costco plans to open nine new warehouse stores before the end of calendar year 2014.

During the full fiscal year 2014, Costco reported a 7% jump in net sales to $110.2 million from $102.9 million. Total same-store sales rose 6%.